CLEVELAND, June 27, 2016 /PRNewswire/ -- Global demand for enzymes is forecast to grow on average 4.6 percent through 2020 to $7.2 billion. This market includes enzymes used in industrial applications (food and beverages, cleaning products, biofuel production, animal feed, and other markets) and specialty applications (research and biotechnology, diagnostics, and biocatalysts). Food and beverages will remain the largest market for enzymes, with gains driven by increasing consumption of products containing enzymes in developing regions. These and other trends are presented in World Enzymes, a new study from The Freedonia Group, a Cleveland-based industry research firm.
To learn more, visit the report page:
Most industrial markets in developed countries are mature, with intensive competition among enzyme manufacturers. In order to maintain and expand market share in these countries, manufacturers are continually improving their enzymes to offer efficient performance at lower temperatures and under extreme pH conditions, lower costs via reduced energy and water usage, and produce higher quality end products with larger amounts of marketable co-products. This continued introduction of new enzyme formulations will sustain growth in demand in mature industrial markets, including the food and beverage, cleaning product, and textile and leather markets.
In contrast to industrial markets, the specialty enzyme markets are expanding at a strong pace globally. According to analyst Christine O'Keefe, "While demand for enzymes used in research and biotechnology and in diagnostics is forecast to post strong gains, the fastest growth will be seen for biocatalysts, particularly those used in the production of pharmaceuticals." Rising healthcare costs in developed countries have led providers to adopt a "personalized" medicine approach, in which healthcare is tailored to the individual based on clinical profile, genetic background, and personal preferences. This approach to medicine requires the increased use of diagnostic testing as well as genomic sequencing, helping to drive strong demand for diagnostic enzymes. In developing countries, the number of diagnostic tests will increase as the number of insured individuals rises, further supporting growth in demand for the enzymes used in diagnostic testing.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/the-freedonia-group-world-enzyme-demand-to-reach-72-billion-300290651.html
SOURCE The Freedonia Group